The cryptocurrency market experienced a significant downturn, losing 8.7% of its global market capitalization, which now stands at $3.52 trillion. Bitcoin, while relatively stable, fell to approximately $95,800, marking a 2% decrease. Other major cryptocurrencies, including Ethereum and XRP, faced more severe declines, with Ethereum dropping 6% and XRP falling 12.5%. Memecoins were particularly hard hit, suffering losses between 20% and 25%, with notable declines in popular tokens such as DOGE, which fell 12% to trade under $0.40, and SHIB, which dropped 15%. FLOKI and BONK also experienced significant declines, each nosediving over 16%. The Bitcoin Fear and Greed Index remains in the 'greed' territory, currently at 73, despite the recent market correction. The downturn has raised concerns about user activity, which has decreased by 38%, and a notable reduction in token launches, which have halved. The ongoing volatility has prompted discussions about the long-term viability of memecoins and their impact on the broader cryptocurrency ecosystem.